countries can change their tax laws, but the reasons i believe for some of the low tax rates the companies are able to pay are really a competitive issue for these companies to attraction them to come. >> you can have a subsidiary in ireland or the netherlands and that he another base -- you're paying those tax rates. mario draghi is speaking. let's listen in. >> it's a pleasure to be here today to address the frankfurt european banking congress. a year ago i gave my first speech at this venue. it's been an intense year for the ecb and for europe. challenging, yet promising. european financial crisis intensified at first due to to several interconnected factors. deteriorating fiscal and banking conditions in some countries including large ones. increased financial practicing mentation and first signs of a renewed weakening of a european economy. the ecb reacted in a proactive way by successively lowering policy interest rates and by devising at the end of last year a monetary policy instrument that was particularly effective in specific circumstances at that time. to counter risk for europ